Can i walk away from my home?

Attorney answers (2)

1. Licensed in CA

   

   Isileli Mataele

   San Diego Litigation Lawyer

   Contributor Level 18

   5

   Lawyers agree

   Answered February 06, 2012 23:07. A quit claim provides an interest that the other person has. Now that you have an interest, any proceedings to transfer ownership will like require to notify you. You are not obligated for the mortgage but may be obligated for other things as the owner of the house.

   This is just my opinion and not a comprehensive answer. You assume the risk because this answer may not apply to... moreThis is just my opinion and not a comprehensive answer. You assume the risk because this answer may not apply to your situation depending on the facts. less

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2. 

   Robert Feliciani

   Skippack Elder Law Attorney

   Contributor Level 13

   5

   Lawyers agree

   Answered February 07, 2012 05:07. I agree with the previous attorney. Although you may not be personally liable for the debt, as the owner of the home you will be involved in any action to foreclose on the property or collect other debts, such as taxes that might be owned.
   
   I suggest you contact a real estate attorney who should be able to negotiate with the lender to turn over the deed in lieu of foreclosure. A properly stuctured settlement may be able to avoid any ongoing liability to creditors.

   This answer does not, nor is it intended to, create an attorney-client relationship or constitute attorney... moreThis answer does not, nor is it intended to, create an attorney-client relationship or constitute attorney advertising. Rather, it is offered solely for information purposes. Since the facts of each case are different, it is critical to consult with qualified counsel with whom information can be shared and assessed under an attorney-client privilege, so that competent advice can be obtained on which you can make informed decisions. less

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